LOD, Israel, Feb. 6, 2024
/PRNewswire/ -- Fourth Quarter and Full Year 2023
Highlights
- Quarterly revenues increased by 3.2% sequentially to
$63.6 million;
full year 2023 revenues decreased by 11.2% to $244.4 million.
- Quarterly Service revenues of $30.9
million accounted for 48.6% of revenues;
full year 2023 service revenues increased by 8.7% to $120.4 million.
- GAAP results:
- Quarterly GAAP gross margin was 66.7% compared to 66.5% in the
prior quarter;
- Quarterly GAAP operating margin was 11.4% compared to 9.4% in the
prior quarter;
- Quarterly GAAP net income was $3.7
million, or $0.12 per diluted
share compared to $4.3 million, or
$0.14 per diluted share, in the prior
quarter;
- Full 2023 year GAAP net income was $8.8
million, or $0.28 per diluted
share.
- Non-GAAP results:
- Quarterly Non-GAAP gross margin was 67.6% compared to 67.3% in
the prior quarter;
- Quarterly Non-GAAP operating margin was 16.9% compared to 15.5%
in the prior quarter;
- Quarterly Non-GAAP net income was $8.9
million, or $0.28 per diluted
share compared to $8.3 million, or
$0.25 per diluted share in the prior
quarter;
- Full 2023 year Non-GAAP net income was $25.0 million, or $0.77 per diluted share.
- Net cash provided by operating activities was $9.3 million for the quarter and $14.9 million for the full year.
- AudioCodes repurchased 595,583 of its ordinary shares during
the quarter at an aggregate cost of $6.3
million.
Details
AudioCodes (NASDAQ: AUDC), a leading vendor of advanced
communications software, products and productivity solutions for
the digital workplace, today announced its financial results for
the fourth quarter and full year period ended December 31, 2023.
Revenues for the fourth quarter of 2023 were $63.6 million compared to $61.6 million for the third quarter of 2023.
Revenues were $244.4 million in 2023
compared to $275.1 million in
2022.
Net income was $3.7 million, or
$0.12 per diluted share, for the
fourth quarter of 2023 compared to $4.3
million, or $0.14 per diluted
share, for the third quarter of 2023. Net income was $8.8 million, or $0.28 per diluted share, in 2023 compared to
$28.5 million, or $0.88 per diluted share, in 2022.
On a Non-GAAP basis, net income was $8.9
million, or $0.28 per diluted
share, for the fourth quarter of 2023 compared to $8.3 million, or $0.25 per diluted share, for the third quarter of
2023. Non-GAAP net income was $25.0
million, or $0.77 per diluted
share, in 2023 compared to $45
million, or $1.35 per diluted
share, in 2022.
Non-GAAP net income excludes: (i) share-based compensation
expenses; (ii) amortization expenses related to intangible assets;
(iii) expenses related to deferred payments in connection with the
acquisition of Callverso Ltd; (iv) other income related to a
payment made by the landlord to AudioCodes Inc., a subsidiary of
the Company, in connection with the termination of a lease
agreement for its offices in New
Jersey; (v) financial income related to exchange rate
differences in connection with revaluation of assets and
liabilities in non-dollar denominated currencies; (vi) non-cash
deferred tax expenses (income); and (vii) non-cash lease expense
which is required to be recorded during the quarter even though
this is a free rent period under the lease for the Company's new
headquarters. A reconciliation of net income on a GAAP basis to a
non-GAAP basis is provided in the tables that accompany the
condensed consolidated financial statements contained in this press
release.
Net cash provided by operating activities was $9.3 million for the fourth quarter of 2023 and
$14.9 million for 2023.
Cash and cash equivalents, long and short-term bank deposits,
long and short-term marketable securities and long and short-term
financial investments were $106.7
million as of December 31,
2023 compared to $124.3
million as of December 31,
2022. The decrease in cash and cash equivalents, long and
short-term bank deposits, long and short-term marketable securities
and long and short-term financial investments was the result of the
use of cash for the continued repurchasing of the Company's
ordinary shares pursuant to its share repurchase program and the
payment of a cash dividend during each of the first and third
quarters of 2023.
"I am pleased to report solid fourth quarter 2023 results with
strength across the strategic areas of our business," said
Shabtai Adlersberg, President and
Chief Executive Officer of AudioCodes.
We continued to perform well in the enterprise space with
business reaching roughly 90% for the fourth quarter and the full
year. Microsoft-related business in the quarter grew 5%
year-over-year, within which Teams grew 10% year-over-year.
Full year Microsoft increased 7% year over year while Teams related
business grew 13% year over year. We experienced continued
strong momentum of our AudioCodes Live managed services, with ARR
growing 50% year-over-year ending the quarter at $48 million, consistent with our
expectations.
Importantly, our customer experience (CX) and conversational
AI (CAI) operations have clearly
emerged as a second major growth pillar in our business. CX
growth accelerated in the fourth quarter to over 40% year-over
-year and to 19% for the full year. Conversational AI bookings grew
over 50% for the quarter and the full year. Leading the growth in
the CX and CAI markets has been Voca CIC, our Azure-native CCaaS
solution for the Teams ecosystem, having won two large
opportunities in North America. We
have also seen solid growth with Meeting Insights, our enterprise
grade solution for the meeting space.
On the operations side, I am glad to report solid progress in
non-GAAP gross margin, which has recovered from early 2023 to reach
67.6%. Coupled with disciplined expense management, non-GAAP
operating margin reached 16.9% in the quarter. With continued focus
on shifting our business model into subscription and recurring
sales, and the shift to higher margin cloud software solutions, we
are making significant progress in our transformation to becoming a
software and services company. With increased focus and investments
in technologies and services for the UCaaS, CX and Conversational
AI markets backed by strong Live bookings mainly in Teams, Live CX,
and Voca CIC, we believe we are on the right path to execute on our
plan to achieve revenue growth and drive improved profitability in
2024," concluded Mr. Adlersberg.
Share Buy Back Program
During the quarter ended December 31,
2023, the Company acquired 595,583 of its ordinary shares
under its share repurchase program for a total consideration of
$6.3 million.
In December 2023, the Company
received court approval in Israel
to purchase up to an aggregate amount of $20
million of additional ordinary shares. The court approval
also permits AudioCodes to declare a dividend out of any part of
this amount. The approval is valid through June 18, 2024.
As of December 31, 2023, the
Company had $19.2 million available
under the approval for the repurchase of shares and/or declaration
of cash dividends.
Cash Dividend
AudioCodes also announced today that the Company's Board of
Directors has declared a cash dividend in the amount of
18 cents per share. The aggregate
amount of the dividend is approximately $5.5
million. The dividend is payable on March 6, 2024, to all of the Company's
shareholders of record at the close of trading on the NASDAQ Global
Select Market on February 20,
2024.
In accordance with Israeli tax law, the dividend is subject to
withholding tax at source at the rate of 25% of the dividend amount
payable to each shareholder of record, subject to applicable
exemptions. If the recipient of the dividend is at the time of
distribution or was at any time during the preceding 12-month
period the holder of 10% or more of the Company's share capital,
the withholding rate is 30%.
The dividend will be paid in U.S. dollars on the ordinary shares
of AudioCodes Ltd. that are traded on the Nasdaq Global Select
Market or the Tel-Aviv Stock Exchange. The amount and timing of any
other dividends will be determined by the Board.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the
Company's fourth quarter and full year of 2023 operating
performance, financial results and outlook. Interested parties may
participate in the conference call by dialing one of the following
numbers:
United States Participants: 888-506-0062
International Participants: +1 (973) 528-0011
The conference call will also be simultaneously webcast.
Investors are invited to listen to the call live via webcast at the
AudioCodes investor website at
http://www.audiocodes.com/investors-lobby
Follow AudioCodes' social media channels:
AudioCodes invites you to join our online community and follow
us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook,
and YouTube.
About AudioCodes
AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a leading vendor of
advanced communications software, products and productivity
solutions for the digital workplace. AudioCodes enables enterprises
and service providers to build and operate all-IP voice networks
for unified communications, contact centers, and hosted business
services. AudioCodes offers a broad range of innovative
products, solutions and services that are used by large
multi-national enterprises and leading tier-1 operators around the
world.
For more information on AudioCodes, visit
http://www.audiocodes.com.
Statements concerning AudioCodes' business outlook or future
economic performance; product introductions and plans and
objectives related thereto; and statements concerning assumptions
made or expectations as to any future events, conditions,
performance or other matters, are "forward-looking statements'' as
that term is defined under U.S. Federal securities laws.
Forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. These
risks, uncertainties and factors include, but are not limited to:
the effect of global economic conditions in general and conditions
in AudioCodes' industry and target markets in particular; shifts in
supply and demand; market acceptance of new products and the demand
for existing products; the impact of competitive products and
pricing on AudioCodes' and its customers' products and markets;
timely product and technology development, upgrades and the ability
to manage changes in market conditions as needed; possible need for
additional financing; the ability to satisfy covenants in the
Company's loan agreements; possible disruptions from acquisitions;
the ability of AudioCodes to successfully integrate the products
and operations of acquired companies into AudioCodes' business;
possible adverse impact of the COVID-19 pandemic on our business
and results of operations; the effects of the current terrorist
attacks by Hamas in Israel, and
the war and hostilities between Israel and Hamas, and Israel and Hezbollah as well as the
possibility that this could develop into a broader regional
conflict involving Israel with
other parties, may affect our operations and may limit our ability
to produce and sell our solutions; any disruption in our operations
by the obligations of our personnel to perform military service as
a result of current or future military actions
involving Israel; and other factors detailed in AudioCodes'
filings with the U.S. Securities and Exchange Commission.
AudioCodes assumes no obligation to update the information in this
release.
©2024 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD
VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's
Inside Matters, OSN, SmartTAP, User Management Pack, VMAS,
VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom,
AudioCodes One Voice, AudioCodes Meeting Insights, AudioCodes Room
Experience and CloudBond are trademarks or registered trademarks of
AudioCodes Limited. All other products or trademarks are property
of their respective owners. Product specifications are subject to
change without notice.
Summary financial data follows
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$ 30,546
|
|
$ 24,535
|
Short-term and
restricted bank deposits
|
212
|
|
5,210
|
Short-term marketable
securities
|
7,438
|
|
2,120
|
Short-term
financial investments
|
-
|
|
15,258
|
Trade receivables,
net
|
51,125
|
|
56,424
|
Other receivables and
prepaid expenses
|
9,381
|
|
10,006
|
Inventories
|
43,959
|
|
36,377
|
Total current
assets
|
142,661
|
|
149,930
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
Long-term Trade
receivables
|
$ 16,798
|
|
$ 13,099
|
Long-term marketable
securities
|
65,732
|
|
75,946
|
Long-term financial
investments
|
2,730
|
|
1,242
|
Deferred tax
assets
|
6,208
|
|
9,073
|
Operating lease
right-of-use assets
|
36,712
|
|
13,517
|
Severance pay
funds
|
17,202
|
|
17,933
|
Total long-term
assets
|
145,382
|
|
130,810
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET
|
10,893
|
|
3,965
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
38,581
|
|
39,126
|
|
|
|
|
Total assets
|
$ 337,517
|
|
$ 323,831
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Trade payables
|
7,556
|
|
11,338
|
Other payables and
accrued expenses
|
29,943
|
|
38,316
|
Deferred
revenues
|
38,820
|
|
36,634
|
Short-term operating
lease liabilities
|
7,878
|
|
8,169
|
Total current
liabilities
|
84,197
|
|
94,457
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
Accrued severance pay
|
$ 16,662
|
|
$ 17,755
|
Deferred revenues and
other liabilities
|
17,142
|
|
16,308
|
Long-term operating
lease liabilities
|
31,404
|
|
5,551
|
Total long-term
liabilities
|
65,208
|
|
39,614
|
|
|
|
|
Total shareholders'
equity
|
188,112
|
|
189,760
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$ 337,517
|
|
$ 323,831
|
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 123,991
|
|
$ 164,302
|
|
$ 32,692
|
|
$ 42,017
|
Services
|
120,392
|
|
110,791
|
|
30,867
|
|
28,639
|
Total
Revenues
|
244,383
|
|
275,093
|
|
63,559
|
|
70,656
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
47,964
|
|
63,686
|
|
11,396
|
|
15,835
|
Services
|
38,070
|
|
32,629
|
|
9,771
|
|
8,663
|
Total Cost of
revenues
|
86,034
|
|
96,315
|
|
21,167
|
|
24,498
|
Gross profit
|
158,349
|
|
178,778
|
|
42,392
|
|
46,158
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net
|
57,169
|
|
59,842
|
|
13,806
|
|
15,090
|
Selling and
marketing
|
70,243
|
|
70,123
|
|
17,496
|
|
18,088
|
General and
administrative
|
16,513
|
|
17,494
|
|
3,856
|
|
4,644
|
Total operating
expenses
|
143,925
|
|
147,459
|
|
35,158
|
|
37,822
|
Operating
income
|
14,424
|
|
31,319
|
|
7,234
|
|
8,336
|
Financial income
(loss), net
|
(52)
|
|
2,864
|
|
(1,740)
|
|
669
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
14,372
|
|
34,183
|
|
5,494
|
|
9,005
|
Taxes on income,
net
|
(5,592)
|
|
(5,717)
|
|
(1,839)
|
|
(1,456)
|
Net income
|
$ 8,780
|
|
$ 28,466
|
|
$ 3,655
|
|
$ 7,549
|
Basic net earnings per
share
|
$ 0.28
|
|
$ 0.89
|
|
$ 0.12
|
|
$ 0.24
|
Diluted net earnings
per share
|
$ 0.28
|
|
$ 0.88
|
|
$ 0.12
|
|
$ 0.23
|
Weighted average number
of shares used in
computing basic net earnings per share (in
thousands)
|
31,401
|
|
31,849
|
|
30,678
|
|
31,642
|
Weighted average number
of shares used in
computing diluted net earnings per share (in
thousands)
|
31,579
|
|
32,500
|
|
30,893
|
|
32,145
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
RECONCILIATION OF
GAAP NET INCOME TO NON-GAAP NET INCOME
|
U.S. dollars in
thousands, except per share data
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
GAAP net
income
|
$ 8,780
|
|
$ 28,466
|
|
$ 3,655
|
|
$ 7,549
|
GAAP net earnings per
share
|
$ 0.28
|
|
$ 0.88
|
|
$ 0.12
|
|
$ 0.23
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
388
|
|
425
|
|
84
|
|
125
|
Amortization expenses
(2)
|
501
|
|
760
|
|
122
|
|
190
|
Lease expenses
(7)
|
685
|
|
-
|
|
363
|
|
-
|
|
1,574
|
|
1,185
|
|
569
|
|
315
|
Research and
development, net:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
2,685
|
|
3,481
|
|
595
|
|
839
|
Deferred payments
expenses (3)
|
770
|
|
500
|
|
408
|
|
125
|
Lease expenses
(7)
|
430
|
|
-
|
|
55
|
|
-
|
|
3,885
|
|
3,981
|
|
1,058
|
|
964
|
Selling and
marketing:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
4,297
|
|
6,032
|
|
917
|
|
1,338
|
Amortization expenses
(2)
|
44
|
|
44
|
|
11
|
|
11
|
Deferred payments
expenses (3)
|
86
|
|
500
|
|
46
|
|
125
|
Lease expenses
(7)
|
430
|
|
-
|
|
55
|
|
-
|
|
4,857
|
|
6,576
|
|
1,029
|
|
1,474
|
General and
administrative:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
4,010
|
|
5,184
|
|
768
|
|
1,450
|
Other Income
(4)
|
-
|
|
(1,093)
|
|
-
|
|
-
|
Lease expenses
(7)
|
171
|
|
-
|
|
91
|
|
-
|
|
4,181
|
|
4,091
|
|
859
|
|
1,450
|
Financial
expenses:
|
|
|
|
|
|
|
|
Exchange rate
differences (5)
|
205
|
|
(1,321)
|
|
1,442
|
|
(227)
|
|
|
|
|
|
|
|
|
Income
taxes:
|
|
|
|
|
|
|
|
Deferred tax
(6)
|
1,549
|
|
1,974
|
|
302
|
|
398
|
Non-GAAP net
income
|
$ 25,031
|
|
$ 44,952
|
|
$ 8,914
|
|
$ 11,923
|
Non-GAAP diluted net
earnings per share
|
$ 0.77
|
|
$ 1.35
|
|
$ 0.28
|
|
$ 0.36
|
Weighted average number
of shares used in
computing Non-GAAP diluted net earnings per share
(in thousands)
|
32,637
|
|
33,359
|
|
31,937
|
|
33,088
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation expenses related to
options and restricted share units granted to employees and
others.
(2) Amortization expenses related to
intangible assets.
(3) Expenses related to
deferred payments in connection with the acquisition of Callverso
Ltd.
(4) Other income related to a payment made
to AudioCodes Inc. in connection with the termination of a lease
agreement for its offices in New
Jersey.
(5) Financial expenses related
to exchange rate differences in connection with revaluation of
assets and liabilities in non-dollar denominated
currencies.
(6) Non-cash deferred tax
expenses.
(7) Non-cash lease expense which is
required to be recorded during the quarter even though this is a
free rent period under the lease for the Company's new
headquarters.
Note: Non-GAAP measures should be considered in
addition to, and not as a substitute for, the results prepared in
accordance with GAAP. The Company believes that non-GAAP
information is useful because it can enhance the understanding of
its ongoing economic performance and therefore uses internally this
non-GAAP information to evaluate and manage its operations. The
Company has chosen to provide this information to investors to
enable them to perform comparisons of operating results in a manner
similar to how the Company analyzes its operating results and
because many comparable companies report this type of
information.
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
$ 8,780
|
|
$ 28,466
|
|
$ 3,655
|
|
$ 7,549
|
Adjustments required to
reconcile net income to net
cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,596
|
|
2,984
|
|
624
|
|
723
|
Amortization of
marketable securities premiums and
accretion of discounts, net
|
1,348
|
|
1,533
|
|
321
|
|
378
|
Increase (decrease) in
accrued severance pay, net
|
(362)
|
|
(349)
|
|
131
|
|
(17)
|
Share-based
compensation expenses
|
11,380
|
|
15,122
|
|
2,364
|
|
3,752
|
Decrease in deferred
tax assets, net
|
1,437
|
|
1,780
|
|
273
|
|
356
|
Cash financial loss
(income), net
|
(218)
|
|
(912)
|
|
179
|
|
(184)
|
Decrease in operating
lease right-of-use assets
|
9,281
|
|
6,712
|
|
2,593
|
|
2,073
|
Increase (decrease) in
operating lease liabilities
|
(6,914)
|
|
(9,582)
|
|
1,497
|
|
(324)
|
Decrease
(increase (in trade receivables, net
|
1,600
|
|
(20,567)
|
|
(3,045)
|
|
(8,080)
|
Decrease (increase) in
other receivables and prepaid
expenses
|
625
|
|
(1,621)
|
|
(947)
|
|
(277)
|
Decrease (increase) in
inventories
|
(7,791)
|
|
(12,653)
|
|
814
|
|
(4,605)
|
Increase (decrease) in
trade payables
|
(3,782)
|
|
3,475
|
|
918
|
|
(1,164)
|
Increase
(decrease) in other payables and
accrued
expenses
|
(6,233)
|
|
(4,077)
|
|
181
|
|
2,126
|
Increase (decrease) in
deferred revenues
|
3,144
|
|
(2,030)
|
|
(279)
|
|
(1,883)
|
Net cash provided by
operating activities
|
14,891
|
|
8,281
|
|
9,279
|
|
423
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Investment in
short-term deposits
|
-
|
|
(5,000)
|
|
-
|
|
(5)
|
Proceeds from
short-term deposits
|
4,998
|
|
10
|
|
(10)
|
|
-
|
Proceeds from
long-term deposits
|
-
|
|
94
|
|
-
|
|
-
|
Proceeds from
redemption of marketable securities
|
3,084
|
|
1,123
|
|
-
|
|
-
|
Proceeds from
redemption of financial investments
|
14,094
|
|
1,052
|
|
-
|
|
1,052
|
Purchase of financial
investments
|
(81)
|
|
(16,615)
|
|
-
|
|
(405)
|
Proceeds from sale of
marketable securities
|
3,846
|
|
2,250
|
|
-
|
|
2,250
|
Net cash paid in
acquisition of subsidiary
|
-
|
|
(1,100)
|
|
-
|
|
(1,000)
|
Purchase of property
and equipment
|
(5,965)
|
|
(1,487)
|
|
(664)
|
|
(336)
|
Net cash provided by
(used in) investing activities
|
19,976
|
|
(19,673)
|
|
(674)
|
|
1,556
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
Year
ended
|
|
Three months
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Purchase of treasury
shares
|
(18,259)
|
|
(38,099)
|
|
(6,286)
|
|
(2,858)
|
|
Cash dividends paid to
shareholders
|
(11,399)
|
|
(11,552)
|
|
-
|
|
-
|
|
Proceeds from issuance
of shares upon exercise of
options and warrants
|
802
|
|
1,055
|
|
548
|
|
522
|
|
Net cash used in
financing activities
|
(28,856)
|
|
(48,596)
|
|
(5,738)
|
|
(2,336)
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents, and
restricted cash
|
6,011
|
|
(59,988)
|
|
2,867
|
|
(357)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
24,535
|
|
84,523
|
|
27,679
|
|
24,892
|
|
Cash, cash equivalents
and restricted cash at end of
period
|
$ 30,546
|
|
$ 24,535
|
|
$ 30,546
|
|
$ 24,535
|
|
|
|
|
|
|
|
|
|
|
|
Company
Contacts
|
|
|
Niran Baruch,
Chief Financial Officer
AudioCodes
Tel:
+972-3-976-4000
niran.baruch@audiocodes.com
|
|
Roger L. Chuchen
VP, Investor Relations
AudioCodes
Tel:
732-764-2552
roger.chuchen@audiocodes.com
|
View original
content:https://www.prnewswire.com/news-releases/audiocodes-reports-fourth-quarter-and-full-year-2023-results-and-declares-semi-annual-dividend-of-18-cents-per-share-302054223.html
SOURCE AudioCodes